Monete cudende ratio (ca. 1526)

Monete cudende ratio – Essay on the Coinage of Money, [before April 1526]

Original: unknown. Copies: Biblioteka Czartoryskich, Kraków, rkps 259, fol. 85v-91v; Geheimes Staatsarchiv Preussischer Kulturbesitz, Berlin, HBA, C. la Kasten 752, k. 2-6v; GStAPK, Ostpreussische Folianten, nr 12868, k. 41-49.

The third version of Copernicus' treatise on money entitled Monete cudende ratio (On the Coinage of Money) survives in three copies and was most probably written before April 1526. This revised version partly based on the text of his 1517 paper, was complemented by a general theory of money with special emphasis placed on the debasement of money as one of the main reasons for the fall of a state.

Copernicus was the first to explain the reason for the decrease in the value of money caused by gold and silver coins being made into an alloy with copper in the minting process. He also presented quite a detailed analysis of the debasement process in relation to Prussian coinage, referring to how the good coinage issued by the Teutonic State gradually decreased in value in the aftermath of the Battle of Grunwald (Tannenberg). In this version of his treatise Copernicus also added a new passage in which he stated that the relation between the nominal price (face value) of silver and gold coins should be identical with the price of pure silver and gold. Concluding his paper the author presented the main principles of the monetary reform to be effected in Royal and Ducal Prussia which he summarized in the following six points:

The reform should be introduced pursuant to a unanimous resolution and preceded by exhaustive deliberations;

There should be only one mint for the whole country

The former coinage should be withdrawn the moment new currency is put into circulation;

20 twenty-groshen grzywnas should be made of one pound weight of pure silver bullion - which would lead to equivalence between Prussian and Polish coinage;

Coins should not be issued in large quantities;

All kinds of new coins should be put into circulation simultaneously.

An analysis of Copernicus general views on monetary issues show that he was a follower of the metallist theory of money; he saw the source of the value of a coin in its metal content. For him a coin was a marked (stamped) piece of gold or silver which is used as payment for commodities being bought or sold according to the legal tender laws passed by the issuer, namely the state or the ruler. According to Copernicus all kinds of money have their value (valor) and their estimated value (estimatio); while the value of a given coin depends on the amount and quality of the metal bullion of which it is made, its estimatio is its nominal value set by the overall authority in the country.

A good coin should show no difference between its nominal value and the actual value of the material it has been minted from. Copernicus defined different functions for money seeing it as a measure of value, a necessary medium of exchange (for payment or purchase) and of savings. The most important for the advancement of economics, however, is his law of bad money known as Greshams or Copernicus-Greshams Law. Copernicus formulated this law inter alia in the third draft of his treatise on money: when new worse money is introduced while the former better money has remained in circulation, the bad not only infects the good but, as it were, drives it out of circulation.

Leszek Zygner
Nicolaus Copernicus University in Toruń

Although there are countless scourges which in general debilitate kingdoms, principalities, and republics, the four most important (in my judgment) are dissension, [abnormal] mortality, barren soil, and debasement of the currency. The first three are so obvious that nobody is unaware of their existence. But the fourth, which concerns money, is taken into account by few persons and only the most perspicacious. For it undermines states, not by a single attack all at once, but gradually and in a certain covert manner.

Coinage is imprinted gold or silver, by which the prices of things bought and sold are reckoned according to the regulations of any State or its ruler. Therefore money is, as it were, a common measure of values. That which ought to be a measure, however, must always preserve a fixed and constant standard. Otherwise, public order is necessarily disturbed, with buyers and sellers being cheated in many ways, just as if the yard, bushel, or pound did not maintain an invariable magnitude. Hence this measure is in my opinion the coin's face value. Although this is based on the metal's purity, nevertheless intrinsic value must be distinguished from face value. For, the denomination of a coin may exceed its metallic content, and the other way around.

Coinage was introduced for a necessary reason. Things could have been exchanged for gold and silver by weight alone, because mankind's common judgment prizes gold and silver everywhere. But to carry weights around all the time was very inconvenient. The purity of the gold and silver, moreover, was not instantly recognizable by everybody. Accordingly people ordained that a coin should be marked with a universally recognized symbol to indicate that it contained the proper amount of gold or silver, and to instill confidence in its reliability.

In the next place, copper is usually mixed with coins, especially those made of silver. [This is done,] I believe, for two reasons. First, the coinage is less vulnerable to the schemes of crooks and those who would melt it down if it consisted of pure silver. Secondly, when silver bullion is broken down into little pieces and the smallest coins, it keeps a convenient size when it is alloyed with copper. A third reason may be added, namely, to stop it from disappearing sooner by being worn down through constant use, and to make it last longer by strengthening it with copper.

The face value of a coin is just and proper when the coin contains slightly less gold or silver than may be bought with it, since only the expenses of the minters should be deduced. For, the symbol should add some value to the metal.

Money loses its value most of all through excessive abundance, if so much silver is coined as to heighten people's desire for silver bullion more than for coined money. For in this way the coinage's market value vanishes when with it it is not possible to buy as much silver as the money itself contains, and is found a greater advantage in destroying the coin by melting the silver. The solution is to mint no more coinage until it recovers its par value and becomes more desirable than silver.

This [face-value] Valor is corrupted in many ways. First, the metal, alone may be defective, when for the same weight of coin more than the right amount of copper is alloyed with the silver. Secondly, the weight may be defective, even though the proportion of copper and silver is correct. Thirdly, and this is the worst, both defects may be present at the same time.

The value of a coin deteriorates also by itself as the coin is worn down through long use. Only for this reason should it be renewed and replaced. This is indicated if somewhat less silver is found in the coin than is bought with it. This is the condition in which depreciation of the coinage is properly perceived.

Having discussed money in a general way above, let me turn to Prussian money in particular by first showing how it became so debased. It circulates under the names mark, skoter, and the like, which are also names of weights. As a weight, a mark is 1/2 pound. As a coin, however, a mark consists of 60 shillings, all this is very well known. But lest ambiguity, as between weight and coin, give rise to misunderstanding, wherever "mark" is used, let it be understood as denoting the coin. On the other hand, where weight is involved, I shall interpret the term "pound" as a weight of marks, but a "mark" by weight as 1/2 pound.

Now in the old records of proceedings and official correspondence we find that when Conrad of Jungingen was Grand Master, that is just before the battle of Tannenberg, 1/2 pound, that is, 1 mark [by weight] of pure silver cost 2 Prussian marks, 8 skoters. That was when 3 parts of pure silver were alloyed with a 4th part of copper, and from 1/2 pound of this [pure] material they made 112 shillings. To this amount add 1/3, which is 37 1/3 shillings, making a total of 149 1/3 shillings. The total weighs 2/3 pound, that is, 32 skoters, containing of course 3 parts (which are 1/2 pound) of pure silver. Its price, however, as was just said, was 140 shillings for 1/2 pound. But the remainder of 9 1/3 shillings, which was missing, was made up by the money's face value. Its face value was therefore suitably linked with its intrinsic value.

Such coins of Winrich, Ulrich, and Conrad are still found now and then in strongboxes. Then after the defeat of Prussia and the aforementioned battle [of Grunwald/Tannenberg], the damage to the Order began to be more and more apparent in the coinage day after day. For although the shillings of Heinrich look like those just mentioned, they are found to have no more than 3/5 silver. This mistake grew worse until the proportion was reversed and three parts of copper began to be alloyed with a fourth part of silver, so that "silver coinage" would no longer be the proper designation, but rather "copper coinage." Yet it kept the weight of 112 shillings to 1/2 pound.

It is not in the least advisable to introduce a new, good coinage while an old, debased coinage remains in circulation. How much worse was this mistake, while an old, better coinage remained in circulation, to introduce a new, debased coinage, which not only spoiled the old coinage but, so to say, swept away! When Michael Rusdorf was the Grand Master, they wanted to eliminate this mistake, and restore the coinage to its former, better state. They minted new shillings, which we now call "groats." But since the old, debased coins apparently could not be withdrawn without loss, they continued to circulate alongside the new coins, by an extraordinary error. Two old shillings were exchanged for 1 new one. It then came to pass that two kinds of marks were inflicted upon the people, namely, the new or good mark consisting of the new shillings, by contrast with the old or light mark consisting of the old shilling, with 60 shillings to each of the marks. However, the pennies remained as they had been, with only 6 pence being exchanged for 1 old shilling, but 12 pence for 1 new shilling. For it can easily be surmised that originally the shilling was equal to 12 pence. For just as we usually say mandel for the number 15, so in most parts of Germany the word schilling is still used for the number 12. The term "new shilling," on the other hand, lasted right down to a time within our memory. How they finally became groats, I shall explain below.

As regards the new shillings, then, at 60 shillings to the mark, 8 mark contained 1 pound of pure silver, as it quite evident from their composition. For they consist 1/2 of copper, and 1/2 of silver. At 60 shillings to the mark, 8 of these marks weigh nearly 2 pounds. The old shillings, on the other hand, although equal to the new shillings in weight, as has been said, were worth half as much. For since the old shillings contained only 1/4 silver, 16 marks were produced from 1 pound of pure silver and weighed 4 times as much.

Later, when the country's status changed, cities were granted the right to mint coins. As they exercised their new privilege, currency increased in quantity, though not in quality. Four parts of copper began to be alloyed with a fifth part of silver in the old shillings, until 20 marks were exchanged for 1 pound of silver. And so those new shillings, since they were now worth more than twice as much as the recent shillings, were made into skoters, reckoned at 24 to the light mark. Hence, 1/5 of the money's value in the mark perished.

Afterwards, however, the new shillings, having become skoters, disappeared because they were accepted also throughout the Mark [of Brandenburg]. It was decided to recover them by evaluating them at a groat, that is, 3 shillings. This was a very bad miscalculation, quite unworthy of so distinguished a body of notables, as though Prussia could not get along without those [groats], even though they were worth no more than 15 pence of the coinage then in circulation, while its value was already depressed also by its abundance.

The groat in fact differed from the shilling in that it was worth 1/5 or 1/6 less than the standard. Through its false and unfair evaluation it dragged down the value of the shilling. Maybe the wrong previously inflicted by the shillings on the groats by forcing them to become skoters had to be avenged in this way. But woe to you, O Prussia, you who pay the penalty for a maladministered state by your ruin, alas! Thus, although the money's market value and intrinsic value were gradually vanishing at the same time, nevertheless there was absolutely no interruption in the coining of money. The costs [of minting] did not cover the difference by which the later coinage would be equalized with the older coinage. Hence, a coinage always worse than the previous coinage was superimposed on it. This depressed the worth of the earlier coinage and drove it out, until the shilling's face value coincided in due proportion with the groat's intrinsic value, and 24 light marks were equivalent to 1 pound of silver.

But at least some small remnants of the money's worth must have persisted in the end, since no consideration was given to restoring it. Yet this practice or abuse of counterfeiting, clipping, and tampering with money was ingrained so long that it could not stop, nor has it stopped to this very day. For what kind of money it will become hereafter and what its condition is now, it is shameful and painful to say. For it has fallen so low today that 30 marks contain hardly 1 pound of silver. Then what remains in the absence of help except that hereafter Prussia, drained of gold and silver, will have an exclusively copper currency? Consequently imports of foreign merchandise and all foreign trade will soon end. For what foreign merchant will want to exchange his goods for copper coins? Lastly, which of our merchants will be able to buy foreign merchandise in foreign lands with the same money? Yet those in authority scornfully disregard this immense misfortune of the Prussian state. To their very dear country they owe, not to mention the deepest devotion, after piety to God, even their very lives. Yet by their thoughtless indifference they let their country slip wretchedly downhill further and further day after day and crash.

While, then, such grave evils beset Prussian money and consequently the whole country, its calamities benefit only the goldsmiths and those who know the purity of metal by experience. For from the mixed coinage they collect the old pieces, from which they melt down the silver and sell it. From the inexperienced public they constantly receive more silver with the coinage. But after those old shillings now disappear completely, the next best are selected, while the inferior mass of money remains behind. Hence [arises] that widespread and incessant complaint: gold, silver, food, household wages, workmen's labor, and whatever is customary in human consumption soar in price. But, being inattentive, we do not realize that the dearness of everything is produced by the debasement of the coinage. For in line with the quality of money everything, especially gold and silver, rises and falls, prices being based not on brass or copper, but on gold and silver. For we declare that gold and silver are, as it were, the foundation of money, on which its value rests.

But maybe someone will argue that cheap money is more convenient for human needs, forsooth, by alleviating the poverty of people, lowering the price of food, and facilitating the supply of all the other necessities of human life, whereas sound money makes everything dearer, while burdening tenants and payers of an annual rental more heavily than usual. This point of view will be applauded by those who were heretofore granted the right to coin money and would be deprived of the hope of gain. Nor will it perhaps be rejected by merchants and artisans, who lose nothing on that account since they sell their goods and products in terms of gold, and the cheaper the money is, the greater is the number of coins they receive in exchange.

But if they will have regard for the common good, they will surely be unable to deny that sound money benefits not only the state but also themselves and every class of people, whereas debased coinage is harmful. Although this is quite clear for many reasons, we learn that it is so also through experience, the teacher of objective truth. For we see that those countries flourish the most which have sound money, whereas those which use interior coinage decline and fall. Certainly Prussia too prospered when 1 Prussian mark [as coin] was worth 2 Hungarian florins and when, as was said above, 2 Prussian marks, 8 skoters, were exchanged for 1/2 pound, that is, 1 mark [by weight] of pure silver. But in the meantime, as its coinage was debased more and more day after day, our fatherland too declined, and as a result of this plague and other misfortunes it was brought down almost to its final destruction. Moreover, those places which use sound money, as is well known, have flourishing trades, excellent craftsmen, and an abundance of commodities. On the other hand, where cheap money prevails, through listlessness, lethargy, and slothful idleness the development of the fine arts as well as of the intellect is neglected, and the plentifulness of all goods is also a thing of the past. The memory of man has not yet forgotten that grain and produce were bought in Prussia with a smaller number of coins while sound money was still being used. Now, however, as it is being debased, we experience a rise in the price of everything related to food and human consumption. Hence it can be seen that cheap money fosters laziness more than it helps poor people. An improvement of the currency will not be able to impose a heavy burden on tenants. If they seem to pay more than usual for their land, they are going to sell the products of their fields, their livestock, and that kind of output at an even higher price. For the adjusted evaluation of the money will balance the mutual exchange of giving and receiving.

Therefore, if it is decided to let Prussia at last recover at some future time from its previous depression by restoring its currency, the most urgent task will be to avoid the confusion arising from the differences between the various mints where the coinage is to be struck. For, multiplicity interferes with uniformity, and to maintain standardized production in several mints is harder than in one. It would therefore be advantageous to have for all of Prussia one common mint producing coinage of every denomination. On one side, the device will be the arms or insignia of the lands of Prussia, surmounted by the crown to signify the overlordship of the kingdom [of Poland]. But the other side will display the arms of the duke of Prussia with the crown of the kingdom resting thereon.

If, however, this could not be done because of the opposition of the duke of Prussia on the ground that he wants to have his own mint, let two places be designated at the most, one in his Royal Majesty's territory and the other in the duke's domain. Let the first mint strike coins showing the royal insignia on one side, and on the other the arms of the lands of Prussia. Let the second mint, however, issue coins stamped with the royal insignia on one side, and on the other side the duke's. Let both coinages be subject to royal control, and by His Majesty's order be used and accepted throughout the entire kingdom. This arrangement will produce no small effect on the reconciliation of attitudes and participation in trade.

It will be essential, moreover, that these two coinages should be of a single standard, intrinsic value, and face value, and remain forever, under the watchful supervision of the leaders of the State, in agreement with the regulation to be established now. It is also essential that in both places the rulers should expect no profit from the minting of the coinage. Only as much copper should be added as would make the face value exceed the intrinsic value, so that it would be possible to recover the loss of the expenses [of the minting operation] and remove the opportunity of melting down the coinage.

Furthermore, let us hereafter avoid falling into our present age's confusion arising from the mixture of new coinage with old. It seems necessary, when the new coinage is issued, to abolish the old coinage, wipe it out completely, and exchange it at the mints for the new coinage in proportion to its intrinsic value. Otherwise the work of renewing the money will be in vain, and the subsequent confusion will perhaps be worse than the earlier. For again the old coinage will spoil the value of the new coinage. The mixture will of course make the aggregate's weight less than is right and its quantity excessive. The result will be the dislocation described above. In this regard, somebody may think that the solution is to assign to the remaining old coins a value as much beneath the new coinage's as their intrinsic value is inferior or lower. But this cannot be done without a great error. For not only the groats and shillings but also the pennies are now so different in their many kinds that individual coins can hardly be rated according to the condition of their intrinsic value and differentiated from one another. Consequently the resulting variety of money would produce inescapable confusion and aggravate the difficulties, problems, and other annoyances of those who engage in business and enter into contracts. It will therefore always be better to withdraw the old coinage completely from circulation when money is being renewed afresh. For so small a loss will have to be borne calmly once, if that can be called a loss which gives rise to increased production and steadier serviceability as well as enhances the state.

To raise the Prussian coinage, however, to its original worth is very hard and perhaps impossible after so drastic a collapse. Although any renewal of the coinage is a matter of no small difficulty, still under the conditions prevailing at the present time it seems possible to restore it satisfactorily, at least with 1 pound of silver returning to 20 marks. The program would be as follows. For the shillings, take 3 pounds of copper, but as regards pure silver take 1 pound minus 1/2 ounce or as much as has to be deduced to cover the expenses [of minting]. From the molten mass mint 20 marks, which will buy 1 pound, that is, 2 marks [by weight] of silver. According to the same proportion, skoters or groats and pennies may be struck as desired.

COMPARISON OF SILVER WITH GOLD

Gold and silver, as was said above are the basis of coinage, in which its worth resides. Most of what has been set forth about silver coinage can be transferred also to gold coinage. It remains to explain the ratio for the mutual exchange of gold and silver. Accordingly, it is first necessary to examine the relative value of pure gold to pure or unalloyed silver, in order to proceed downward from the general to the particular and from the simple to the compound. In the next place, the ratio of gold to silver is the same in bullion form as in coinage of the same standard. Furthermore, the ratio of gold coin to gold bullion is the same as the ratio of silver coin to silver bullion of the same standard of alloy and weight. Now the purest gold coins found among us are the Hungarian florins. For they have the least alloy, and perhaps only as much as was necessary was deducted for expenses in the mints. Hence they are rightly exchanged for pure gold of the same weight, with the authority of the symbol making up for the deficiency of the florins. It therefore follows that the ratio of pure silver bullion to pure gold bullion is .the same as the ratio of that silver to Hungarian florins, the weights being unchanged. But 110 Hungarian florins of proper and uniform weight, namely, 72 grains, make 1 pound (by a "pound" I always mean the sum of 2 marks by weight). By this reasoning we find that generally among all people 1 pound of pure gold is worth as much as 12 741 pounds of pure silver. Yet we observe that 11 pounds [of silver] once equaled 1 pound of gold. For this reason, apparently, it was ordained of old that 10 Hungarian gold pieces should weigh 1/11th of a pound. But if the same price continued today for that weight, we would have a convenient interchangeability of Polish and Prussian money on the basis of the aforementioned ratio [gold : silver = l: 11]. For if 20 [prussian] marks were made from approximately 1 pound of silver, 1 gold piece would equal exactly 2 marks or 40 Polish groats. But after it became customary to exchange 12 parts of silver for 1 part of gold, the weight and price disagree, so that 10 Hungarian gold pieces are worth 1 pound of silver plus 1/11th of a pound. Therefore if 20 [prussian] marks are made from 1 1/11 pounds of silver, the Polish and Prussian coinages will be matched in the correct ratio, groat for groat, with 2 Prussian marks equal to 1 Hungarian gold piece. The price of silver, however, will be 9 marks, 10 shillings, or thereabouts, for 1/2 pound.

On the other hand, if a debased coinage and the ruin of the fatherland are definitely desired, and so slight a restoration and adjustment seem too hard, and it is decided that 15 Polish groats should remain equal to 1 [Prussian] mark, and 2 marks, 16 skoters, to 1 Hungarian gold piece, that too will be accomplished with no great trouble in the manner described above, if 24 [Prussian] marks are made from 1 pound of silver. This was certainly the situation recently when the price of 1/2 pound of silver was still 12 marks, the amount of money for which [6] Hungarian florins were exchanged.

This is said by way of an example and guideline. For there are countless ways of establishing a currency, and it is not possible to explain all of them. But a general agreement after mature deliberation will be able to make this or that decision, which will seem most advantageous to the state. But if the currency is correctly related to the Hungarian florin, and no mistake is made, other florins will also be easily rated according to their content of gold and silver in comparison with the Hungarian florins.

Let these remarks about the restoration of the coinage be sufficient at least to make clear how its value bas fallen and how it can be restored. This, I hope, is evident from what was said above.

CONCLUSION REGARDING THE RESTORATION OF THE COINAGE

With reference to the restoration and maintenance of the currency, the following recommendations seem worthy of consideration.

First, the currency should not be renewed without the deliberate advice and unanimous consent of the Councillors.

Secondly, only one place, if possible, should be designated for a mint. There coins should be struck in the name, not of one city, but of the whole country with its insignia. The validity of this recommendation is proved by the Polish coinage, which for this reason alone maintains its value over so vast an extent of territory.

Thirdly, when new money is issued, the old coinage should be demonetized and abolished.

Fourthly, it should be a permanent rule, without change and without exception, to strike only 20 marks, and no more, from 1 pound of pure silver, minus what must be deducted for the expenses of the operation. The Prussian coinage will in this way be definitely adjusted to the Polish, with 20 Prussian groats as well as 20 Polish groats being worth 1 Prussian mark.

Fifthly, an excessive multiplicity of coinage should be avoided.

Sixthly, money should be issued in all denominations at the same time, that is, skoters or groats, shillings, and pennies should be minted simultaneously. How big should the proportion [of each denomination] be? Should groats as well as shillings be struck? Should silver pennies also [be minted], worth1/4 or 1/2 or even 1 whole mark? [These questions] are to be decided by those concerned, except that whatever the distribution, the decision should be made in such a way as to last forever after. Attention must also be paid to the ordinary pennies, since they are now worth altogether so little that a whole mark [of pennies by weight] contains hardly more than the silver in 1 groat.

Lastly, a difficulty arises from contracts and obligations made before and after the renewal of the money. In these matters a way must be found not to burden the contracting parties too much. This was done in former times, as is clear from what is copied out on the other side of this sheet.

Translation by Edward Rosen

[before April 1526]

Sequitur consilium primorum Prussie de restitutione monete Pruthenice.

Quanquam innumere pestes sunt, quibus regna, principatus et respublice decrescere solent, hec tamen quattuor (meo iudicio) potissima sunt: discordia, mortalitas, terre sterilitas et onete vilitas. Tria prima adeo euidencia sunt, vt nemo ita esse nesciat; sed quartum, quod ad monetam attinet, a paucis et non nisi cordatissimis consideratur, quia non uno impetu simul, sed paulatim et occulta quadam ratione respublicas euertit.

Est autem moneta aurum vel argentum signatum, qua precia emptibilium vendibiliumque rerum numerantur secundum cuiusvis reipublice vel gubernantis ipsam institutum.

Est ergo moneta tanquam mensura quedam communis estimationum. Oportet autem id, quod mensura esse debet, firmum semper ac statum seruare modum. Alioqui necesse est confundi ordinationem reipublice, ementes quoque et vendentes multipliciter def raudari, quemadmodum si vlna, modius pondusue certam quantitatem non seruet. Hanc igitur mensuram estimationem puto ipsius monete, que etsi in bonitate materie fundetur, oportet tamen valorem ab estimatione discerni. Potest enim pluris estimari moneta quam eius qua constat materia et econuerso.

Causa vero constitutionis monete necessaria est. Quamuis enim solo pondere auri et argenti rerum commutatio fieri potuisset, exquo communi hominum eon sensu aurum et argentum vbique in precio habeatur, sed tamen propter multam incommoditatem afferendorum semper ponderum quodque non statim auri et argenti synceritas deprehendatur ab omnibus, institutum est publico sigillo monetam signari, quo significetur iustam auri vel argenti quantitatem inesse et fides adhibeatur autoritati.

Solet etiam monete et maxime argentee es commisceri propter duas (vt existimo) causas: videlicet quo minus exposita sit insidijs expilancium et conflancium ipsam; quod futurum esset, si ex syncero argento constaret. Secunda, quod massa argenti in minutas partes et scrupulos nummorum fracta retineat cum ere admixto conuenientem magnitudinem. Potest superaddi et tercia: ne scilicet continuo vsu detrita citius pereat, sed fulcitamento eris diuturnior perseueret.

Iusta autem et equa monete estimatio est, quando paulo minus auri vel argenti continet quam pro ipsa ematur, vtpote quantum pro expensis dumtaxat monetariorum oportuerit deduci. Debet enim signum ipsi materie aliquam addere dignitatem.

Vilescit hec vt plurimum propter nimiam multitudinem, vtpote si tanta argenti copia in monetam transierit, quoadusque argenti massa ab hominibus magis quam moneta desideretur. Perijt nempe hoc modo dignitas monete, quando per ipsam tantum argenti non licet emere, quantum ipsa pecunia continet senciaturque profectus aliquando argentum in monete destructionem. Cuius remedium est non amplius monetam cudere, donec se ipsam coequauerit reddaturque charior argento.

Valor quoque multis modis deprauatur, vel propter defectum materie solum, quando scilicet sub eodem pondere monete, plus quam oportet, eris comiscetur argento, vel propter defectum ponderis, quamuis iustam habeat eris cum argento admixtionem, vel, quod pessimum est, propter vtrumque simul. Deficit enim vltro valor ac longo vsu deteritur; propter quod solum instaurari ac innouari debet. Cuius signum est, si argentum in moneta aliquanto minus reperitur quam pro ipsa emptum. In quo merito penuria monete intelligitur.

Premissis generaliter de moneta expositis speciatim ad Prussianam descendamus ostendentes primum, quomodo in tantam leuitatem peruenerit. Transit autem sub nominibus marcharum, scotorum etc. Et sunt sub eisdem nominibus eciam pondera. Nam marcha ponderis est libra media, at marcha numeri constat solidis LXI; que omnia vulgo nota sunt. Verum ne equiuocatio numeri et ponderis obscuritatem pariat, vbicumque deinceps marcha nominabitur, de numero intelligatur. Nomine vero libre pondus duarum marcharum, pro selibra vero marcham ponderis accipe.

Inuenimus igitur in antiquis recessibus ac litterarum munimentis, quod sub magistratu Conradi de Jungingen, hoc est proxime ante bellum Tannenbergense, emebatur selibra, id est marcha argenti puri, marchis Prutenicis duabus et scotis VIII, quando videlicet tribus partibus argenti puri quarta pars eris admiscebatur et ex libra dimidia eius masse solidos CXII faciebant. Quibus tercia pars adiecta est et sunt solidi XXXVII et tercia pars vnius facit totam summam solidorum CXLVIIII et terciam pendentem libre vnius bessem, hoc est scotos XXXII, que proculdubio tres partes (et sunt libra media argenti puri) continebit. Sed iam dictum est precium eius fuisse solidos CXL in selibras. Reliquum vero, quod in IX solidis et tercia deerat, estimatio monete suppleuit. Erat itaque eius estimatio cum valore conuenienter concinnata.

Huius generis numismata sunt: Vinrici, Vlrici et Conradi, que interdum reperiuntur adhuc in thesauris. Deinde post cladem Prussie et bellum supradictum cepit detrimentum reipublice indies magis ac magis in moneta apparere. Nam Henrici solidi aspectu quidem similes supradictis non amplius reperiuntur habere, quam tres quintas argenti. Crescebatque error hic, donec inuerso ordine ceptum est tribus partibus eris quartam argenti misceri, vt iam non argenti moneta, sed cuprea rectius diceretur, pondus tamen retinebat solidorum CXII in selibra. Cum autem minime conueniat nouam ac bonam monetam introducere antiqua viliore remanente quanto hic magis erratum est viliorem nouam monetam introducendo, que non solum infecit antiquam, sed, vt ita dicam, expugnauit. Cui errori dum sub magistratu Michaelis, Rossdorff obuiare vellent ac monetam in meliorem statum reducere, cudebant nouos solidos, quos nunc grossos vocamus. Sed cum antiqui viliores non viderentur sine iactura aboleri posse, vnacum nouis insigni errore permanserunt. Transibantque duo solidi antiqui pro vno nouo factumque tunc est, quod duplex marcha plebi ingereretur nouorum videlicet solidorum et antiquorum illorum marcha noua siue bona, horum vero antiqua siue leuis solidorum vtrobique sexaginta oboli vero in suo vsu manebant ita, vt pro solido antiquo sex dumtaxat commutarentur, pro nouo vero XII; nam ab inicio duodecim obolorum fuisse solidum facile conijci potest. Sicut enim quindenum numerum vulgo mandel vocamus, ita in plerisque Germanie terris vox illa schilling pro duodenario numero durat.

Perseuerauit autem nouorum solidorum appellatio vsque ad memoriam nostram; quomodo demum grossi facti sint, inferius dicam.

Nouorum igitur solidorum marche VIII, per sexaginta, libram vnam puri argenti continebant, quod ex eorum compositione satis apparet. Constant enim ex dimidio eris et altera medietate argenti et eorum marche VIII per LX pendent prope libras duas. Antiqui vero pondere, vt dictum est, pares illis valore ex dimidio. Cum enim quartam solummodo partem argenti haberent marche sedecim e libra argenti puri veniebant pendentes quadruplum. Postea vero mutato statu patrie cum ciuitatibus esset cudendi monetam concessa potestas ipseque nouum exsequerentur priuilegium, creuit pecunia multitudine non autem bonitate cepitque quatuor partibus eris quinta argenti in solidis antiquis misceri, donec marche XX argenti libra commutarentur. Sicque noui illi solidi, cum iam meliores essent, plusquam duplo solidis recentibus facti sunt scoti, vt iam XXIIII pro marcha leui computarentur. Periit ergo quinta pars bonitatis monete in marcha. Postea vero quam euanescerent noui solidi iam scoti facti eo, quod eciam per Marchiam essent accepti, placuit eos grossorum estimatione reuocare, hoc est sub solidis tribus, maximo errore et tanto procerum consilio prorsus indigno, perinde ac si Prussia sine illis esse non posset, quamuis non essent meliores denariis quindecim tunc currentis monete. Vbi iam multitudo eciam premebat estimationem ipsius, dissidebant ergo grossi cum solidis in quinta vel sexta parte a constituto et fallaci ac iniqua extimatione detrahebant dignitati solidorum. Oportebat fortassis iniuriam sic vindicari, quam solidi grossis prius intulerant coegerantque eos scotos fieri. Sed ve tibi Prussia, que tuo prochdolor interitu male administrate reipublice penas pendis! Igitur estimatione simul et valore pecunie passim euanescentibus a fabricatione tamen monete plane cessatum non est et expensis non suppetentibus, quibus equiualens priori cuderetur, posterior semper priori peior superindueta est, que bonitatem precedentis oppressit et extrusit, quoad solidorum estimatio cum valore grossorum proporcionabiliter conueniret et marche XXIIII leues pro una libra cederent argenti.

Debuerant autem iamtandem saltem reliquie tantille dignitatis monete permansisse, exquo de eius instauratione media tum non est. Sed que tantisper inoleuit consuetudo siue licencia adulterandi, expilandi et inficiendi monetam cessare non potuit nec in hunc diem

cessat. Nam qualis postea prodierit, in quo statu nunc sita, pudet ac dolet dicere. In tantam enim vilitatem hodie collapsa est, vt XXX marche vnam libram argenti vix contineant. Quid autem restat, si non succurratur, nisi vt deinceps Prussia auro et argento vacua monetam mere cupream habeat. Unde peregrinarum mercium invectiones omnesque negociationes breui sint periture. Quis enim externorum mercatorum merces suas moneta cuprea commutare volet? Quis denique nostratium in peregrinis eris eadem moneta exoticas merces comparare poterit? Hanc tam ingentem reipublice Prussiane cladem hi, quorum interest, contemptim despiciunt et dulcissimam sibi patriam, cui post pietatern in Deum nedum officii plurimum, sed eciam ipsam vitam debent, indies magis ac magis supina negligencia miserabiliter labi ac perire sinunt.

Cum ergo tantis viciis laboret Prussiana moneta et per eam tota patria, soli aurifices et hi, qui bonitatem metalli callent, eius erumnis fruuntur. Colligunt enim ex mixta pecunia antiquam, ex qua eliquatum argentum vendunt plus semper argenti cum moneta mixta ab imperito vulgo recipientes. At postquam antiqui illi solidi iam penitus euanescant, eliguntur proximo meliores relicto pecuniarum aceruo deteriori. Hinc illa vulgaris et perpetua querimonia aurum, argentum, annonam, familie mercedem, opificum operam et quicquid in humanis vsibus est, solitum transcendere precium. Sed oscitantes non expendimus omnium rerum charitatem ex vilitate monete prouenire. Crescunt enim ac decrescunt omnia ad monete conditionem: presertim aurum et argentum, que non ere vel cupro, sed auro et argento appreciamus. Nam aurum et argentum dicimus esse tanquam basim monete, cui incubat eius estimatio.

At contendet fortasse aliquis exilem monetam vsibus humanis commodiorem esse, nempe subuenientem paupertati hominum, reddentem leui precio annonam et cetera vite mortalium necessaria facilius suppeditantem. Per bonam autem monetam omnia chariora reddi colonos ac censu annuo oneratos preter solitum grauari. Laudabunt forsitan hanc sentenciam spe lucri priuati, quibus hactenus permissa est cudendi monetam facultas nec fortassis mercatores et opifices, quibus nichil propterea perit, eam improbabunt, quandoquidem ad auri valorem merces et res suas vendunt et quo moneta est exilior, eo maiori pecuniarum numero eas commutant. Verum si communem vtilitatem respicient, negare vtique non poterunt prestantem monetam non modo reipublice, verum eciam sibi ac omnium hominum ordini salutarem, exiguam vero perniciosam esse. Quod cum multis rationibus satis perspicuum sit, eciam ipsa experiencia rerum magistra verum esse discimus. Videmus quippe eas terras potissimum florere, que bonam monetam habent, decrescere autem et perire, que deteriore vtuntur. Floruit nimirum et Prussia tunc, quando vna marcha Pruthenicalis duobus florenis Vngaricalibus emebatur. Et quando, vt premissum est, due marche Pruthenice et VIII scoti selibra, id est marcha argenti puri commutabantur. Interim vero vilescente indies magis ac magis moneta decrescit et patria nostra atque hac peste et aliis calamitatibus usque ad vltimum pene funus perducta est.

Constat preterea ipsa loca, que bona moneta vtuntur, artibus et opificibus egregiis necnon et rerum affluencia pollere. At contra, vbi vilis moneta in vsu est, ignauia, desidia ac resupinato ocio tam bonarum arcium, quam ingeniorum culturam negligi atque omnium eciam rerum abundanciam interire. Nondum memoriam hominum excessit frumenta et annonam minori pecuniarum numero in Prussia empta fuisse, cum adhuc bona moneta vteretur. Nunc autem ea vilescente omnium rerum, que ad victum et humanum vsum pertinent, pretium ascendere experimur. Ex quo perspicuum esse potest leuem monetam desidiam magis alere quam paupertati hominum subuenire. Nec magnopere monete exaltatio censuales gravare poterit, qui si plus solito suo dominio pendere videantur, fructus terre, pecora et id genus rerum suarum maiori eciam precio sunt vendituri. Reciprocam enim dandi accipiendique vicissitudinem proporcionata monete mensura compensabit.

Si igitur calamitosam hactenus Prussiam monete restauratione iamtandem aliquando restituere placet, cauenda imprimis erit confusio ex varietate diuersarum officinarum, in quibus cudenda est proueniens. Multiplicitas enim vniformitatem impedit maiorisque negocij est plures officinas in officio rectitudinis conseruari quam vnam.

Conduceret itaque vnam et communem esse in tota Prussia officinam monetariam, in qua omnis generis moneta ex vno latere numismate siue insignijs Terrarum Prussie signetur ita, ut superne coronam supereminentem habeat, vt ex hoc Regni superioritatem recognoscat, ex altero vero latere Ducis Prussie insigne preseferat Corona Regni similiter incumbente.

Quod si renitente Principe Prussie fieri non posset eo, quod propriam officinam habere contenderet, duo ad summum designentur loca, vnus in terris Regie Maiestatis, alter in ditione principis. In primo cudatur moneta, que ex vno latere insignijs Regalibus, ex altero Terrarum Prussie signetur. In secunda autem officina ex uno latere insignijs Regijs, ex altero vero numismate Principis signetur, vt vtraque moneta imperio Regio subsit et Sue Maiestatis mandato in vsu tocius Regni sit et accepta. Que res ad animorum conciliationem et negociationum communionem non parum ponderis est habitura.

Opere precium autem erit, quod hee due monete vnius sint grani, valoris et extimationis et vigili cura primatum reipublice iuxta ordinationem nunc instituendam perpetuo perseuerent. Et quod principes vtrinque nihil lucri ex monete cussione senciant, sed tantum dumtaxat eris addatur et ipsa extimatio valorem excedat, vt impendiorum iactura sarciri possit et conflandi monetam adimatur occasio.

Vt item huius nostri temporis confusionem, quam commixtio noue monete cum antiqua peperit, deinceps non incidamus, necessarium videtur, vt exorta noua vetus aboleatur ac prorsus intereat et iuxta proportionem valoris sui in officinis pro noua commutetur.

Alioquin inanis erit renouande monete opera et confusio posterior fortassis peior priore. Inficiet enim denuo antiqua noue monete dignitatem, mixta equidem reddet summam a iusto pondere deficientem et nimium multiplicatam, sequetur, que dicta est superius, incommoditas. Cui si quis adhuc obuiandum arbitretur per hoc videlicet, ut remanencia vetera numismata tanti minoris estimentur comparatione noue monete, quantum eorum valor deterior est aut exilior. Sed hoc sine magno errore fieri non poterit. Tanta enim est nunc cum grossorum et solidorum, tum eciam denariorum multiplex diuersitas, vt singula numismata iuxta conditionem valoris sui estimari et ab inuicem discerni vix possint. Quo fit, vt inducta monete varietas confusionem generaret inextricabilem ac negociantibus et contrahentibus labores, molestias atque alia incommoda augeret. Itaque melius semper erit veterem monetam in reparatione recentis penitus abolere. Oportebit enim tantillum damnum semel equanimiter pati, si modo dam num dici possit, vnde vberior fructus et vtilitas magis constans nascitur ac respublica incrementum summit.

Monetam vero Prussianam in primam illam dignitatem erigere difficillimum est et post tantum casum forte impossibile cum queuis eius reparatio res sit non paru i negocii. Pro horum tamen temporum conditione commode renouari posse videtur, vt saltem ad XX marchas libra argenti redeat, hac ratione: pro solidis sumantur eris libre tres, argenti vero puri libra vna minus vncia media vel quantum pro expensis detrahendum sit. Confletur massa, ex qua marcha XX fiant, que in emptione valebunt libram vnam, id est duas marchas argenti. Eadem eciam ratione fieri possent scoti seu grossi et oboli, prout placuerit.

De argenti ad aurum comparatione

Superius dictum est aurum et argentum esse basim, in qua residet bonitas monete. Et que de moneta argenti exposita sunt, possunt eciam pro maiori parte ad auream referri. Reliquum est, vt ex transuerso auri et argenti commutandi rationem exponamus. Primum igitur inuestigare oportet, que sit ratio appreciationis meri auri ad argentum merum, siue purum, vt de genere in speciem et a simplicibus ad composita descendamus. Porro eadem est ratio auri et argenti informium, que signatorum in eodem gradu ac rursus eadem racio auri signati ad informe, que argenti signati ad argentum informe sub eodem gradu mixtionis et pondere. Purissimum autem aurum, quod apud nos signatum reperitur, sunt floreni Vngarici; hii namque minimum habent admixtionis et tantum forte, quantum oportuerat pro expensis deduci in monetariis, vnde rite commutantur pro mero auro eiusdem ponderis dignitate sigilli supplente defectum florenorum. Sequitur ergo eandem esse rationem argenti puri informis ad aurum purum informe et eiusdem argenti ad florenos Vngaricos ponderibus non mutatis. At floreni Vngarici CX iusti et equalis ponderis per grana videlicet LXXII implent libram vnam (libram semper intelligo, que continet marchas duas ponderis). Hoc argumento inuenimus communiter apud omnes gentes libram vnam auri puri tantum valere, quantum argenti puri libre XII. Inuenimus tamen et vndecim libras olim pro vna auri. Quam ob causam ab antiquo constitutum esse videtur, vt aurei Vngarici X appendant libre partem vndecimam; quod si sub eo pondere idem precium hodie duraret, expeditam haberemus conformitatem monete Polonice et Pruthenice secundum expositam rationem; factis enim XX marchis circiter ex libra vna argenti prouenirent ad amussim pro aureo marche due loco XL grossorum Polonicalium. Sed posteaquam vsu receptum sit, vt XII partes argenti sint pro vna auri, dissidet pondus cum precio, vt X aurei Vngaricales redimant libram vnam argenti et vndecimam partem libre. Si igitur ex libra argenti et eius vndecima parte fiant marche viginti, erunt Polona et Prussiana monete recta ratione coequate grossus ad grossum et marche due Pruthenice pro aureo Vngaricali. Sed precium argenti erit in selibras singulas marche VIII et solidi X aut circiter.

Verum si vtique vilitas monete et patrie interitus placeat ac ardua nimis videbitur tantilla restitutio et adequatio visumque fuerit, vt XV grossi Polonici maneant pro marcha et pro aureo Vngaricali marche due scoti XVI, id quoque iam dictis modis non magno negocio fiet, si marche XXIIII ex argenti libra fiant. Ita sane contigit nuper, quando adhuc marche XII precium essent in singulas selibras argenti et pro tanta pecunia florenus Vngaricalis commutabatur. Hec gratia exempli et pro manuductione dicta sunt. Nam infiniti sunt modi constitutionis monete nec est possibile explicare omnes, sed communis consensus matura deliberatione poterit hoc vel illud definire, prout accomodatissimum videbitur reipub[lice]. Quod si moneta ad florenum Vngaricalem recte se habuerit et erratum non fuerit, facile eciam alij floreni iuxta continenciam auri et argenti ad illorum comparationem taxabuntur.

Hec de reparatione monete dixisse sufficiar, vt dumtaxat intelligatur, quibus modis ceciderit dignitas eius et quomodo reduci possit, quod ex supradictis perspicuum esse spero.

Epilogus reductionis monete

Circa reparationem et conseruationem monete hec consideranda videntur.

Primum, ne absque maturo procerum consilio et vnanimi decreto nouetur.

Secundum, vt unus dumtaxat locus officine monetarie, si fieri potest, deputetur, vbi non vnius ciuitatis nomine, sed totius terre cum ipsius insignijs fieret; huius sentencie efficaciam moneta Polonica demonstrat, que propter hoc solum retinet estimationem suam in tanta terrarum amplitudine.

Tercium, vt in publicatione noue monete interdicatur et aboleatur antiqua.

Quartum, vt inuiolabiliter et immutabiliter perpetuo obseruetur, quod XX marche dumtaxat et non amplius fiant ex libra vna puri argenti dempto eo, quod pro expensis opificii deduci oportet. Ita nempe Prussiana moneta proporcionabiliter Polonice vt viginti grossi Prussiani simul ac Polonici marcham Pruthenicam constituant.

Quintum, vt caueatur a nimia monete multitudine.

Sextum, vt in omni sua specie simul prodeat moneta, hoc est, vt scoti siue grossi, solidi et oboli pariter cudantur.

De admixtione vero quanta esse debeat, an grossi et solidi fiant, an eciam denarij argentei, qui fertonem vel marcham mediam aut eciam integram valeant, in placito est eorum, quorum interest, nisi vt modus sit et ita decernatur, vt in futurum perpetuo maneat.

De obolis quoque ratio habenda est, quoniam omnino parum nune valent ita, ut integra marcha vix supra vnius grossi argentum contineat.

Postrema autem difficultas oritur ex contractibus et obligationibus ante et post innouationem monete faetis. In quibus modum inuenire oportet, ne contrahentes nimium grauentur, quemadmodum pristinis temporibus factum est, vt patet ex his, que in proximo sequenti folio descripta sunt.

Disse nachgeschrieben verramung diss ganczen landes ist ausgangen von Marienburg am sontage naeh Allerheiligen tag anno 1418 [6 XI 1418 r.].

Zcum irsten, wes zcynser myt guttem alten gelde gekawfft seyn vor III iaren als vor der saczung, die verramet wart etc. XVI uff Maritni, die sal myt guttem newen gelde bezcalt werden oder mit des gelds wirde.

Item wes schulde gemacht seyn myt guttem alten gelde nach der iarzcall der obgeschriebenen ansaczung, sollen myt guttem newen gelde oder der wirde bezcalt werden.

Item wes schulde mit dissem geryngen gelde gemaeht seyn, sollen mit geryngem bezcalt werden.

Item wer leibrenthe im XIII iar vor Sant Martins tag gekawfft hadt, sol men im XIIII iar uff Sant Martins tag mit V firdung geryngs gelds vor I marck verzcynsen.

Dergleich wer leiprenthe vor dem XIIII iare gekaufft hadt in des XV iar von eynem Sant Martins tag uff den andern, dem sal men zcynsen vor I marck gerynges gelds I marck und IIII scot gerings gelds.

Item wer leibrenthe nach dissen obgeschriebenen iarn gekawfft hatt, dem sol men zcynsen eyn gerynge marck.

Item was leiprenthe mit guttem, alten gelde gekawfft seyn, sol men myt guttem newen gelde verzcynsen.

Disse obgeschrieben saczung der leibrenthe ist alzo verramet, das nach solcher wirde und gutte, als das gelt dan war, do die leibrenthe ummb gekawfft wart, das auch in solcher wirde die zcynser desselbigen gelds ausgericht werden.

Dergleich was zcynser myt geryngem gelde gekawfft seynt im XIII iare ins XIIII, sol men die marck zcyns verzcynsen mit V firdung gerings gelds und abloissen.

Item was zcynser im XIIII iar ins XV gekawfft seynt, sol men die mark mit geryngem gelde verzcynsen und abloisen mit eyner marek und IIII scot geryngs gelds.

Item wes erbe mit guttem altem gelde gekawfft seyn, sol men mit guttem newen gelde bezcalen. Wer aber erbe im XIII iar ins XIIII gekawfft hadt, der sal bezcalen vor I geringe marck V firdung geryngs gelds. Wer aber im XIIII ins XV iar erbe gekawfft hadt, der sol beczalen vor I marck geryngs gelds I marck und IIII scot geryngs gelds, idach das die tage der bezcalung iglichs kawffs gehalten werden.

Item wer erbe gekawfft hette, daruff alter zcyns steht mit solchen glubden, das er des erbe von solchen zcynsen freyen sol bey eyner angesaczten zceit und des von wegen der verwandlung der munczen zcu thun verhyndert ist, sal sich der kawffer des zcynss underwynden oder sol den kawff queit schelden; und wes gelds er uff des erbe geben hadt, sol men ime widderkeren.

Item welche zcynser verkaufft seyn mit geryngem geld, die dach vormals mit guttem alten gelde gekaufft seyn, were imandt der solche zcynser uff sich hette stehen und sie ablosen wolde mit geryngem gelde dem, der sie gekaufft hett bey geryngem gelde, der sol sie ime mit anderm gelde nicht ablosen, dan mit guttem newen gelde oder mit seyner wirde.

In dissen vorgeschriebnen artickeln und briefe sollen hynfurbas allerley bey irer macht bleiben und was iczt bezcalt ist, sol bezcalt bleyben.

Item wer uff solche vorwort oder gedinge gekawfft hett, wes da genge und gebe ist, oder was vor I marck gehet, oder was eyn gewonliche muncze ist, wo diss gedinge gnugsam kan erweyset werden, alsdan son der bezcaler mit guttem newen gelde oder mit der wirde bezcalen und was bezcalt ist, son bezcalt bleiben.